FirstDigital Telecom, a leading fiber-based carrier in the western United States, today announced that it has raise debt financing from a group of leading investors (“the lenders”), including AllianceBernstein, Deutsche Bank, Guggenheim and Webster Bank.
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As a result of the transaction, FirstDigital has recapitalized its balance sheet with high-quality institutional lenders and consolidated its common equity ownership under President and CEO Wesley McDougal. This follows the recent $200 million preferred equity investment by infrastructure funds managed by Apollo (NYSE: APO), as FirstDigital continues to attract blue-chip capital partners and prepares the business to scale. Having successfully executed these series of transactions, the Company is optimally positioned to execute on its ambitious growth plans.
“These recent transactions position FirstDigital to accelerate our strategy and meet growing demand for telecommunications services,” said McDougal. “We appreciate the support of the new lender group and of Apollo’s strategic partnership in helping us to execute on this transaction.”
“FirstDigital is a leading fiber operator in the southwest region, and we’re pleased to have provided our strong institutional support for this key milestone in the company’s growth plans,” said Dylan Foo, Partner and Co-Head of Infrastructure at Apollo.
Apollo Global Securities served as the placement agent to FirstDigital and Simpson Thacher & Bartlett LLP and Parr, Brown, Gee & Lovelace served as legal counsels to FirstDigital. White & Case LLP served as legal counsel to the lenders.
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